I'm a little confused about knitting in rounds. I'm using 5 double pointed needles and when you do stockinette stitch, you knit every round, right? This is what confuses me. When I knit every round reverse stockinette stitch is on the outside and the inside has the stockinette stitch. Is it supposed to be like that? I've seen pictures showing that the stockinette stitch is on the outside. Please help me!

Is it possible that you're knitting on the 'inside' of the square formed by the 4 dpns instead of on the 'outside'? That would put the v's on the inside with the bumps on the outside. Try the free video tab at the top of this page under Advanced Techs, Knitting with DPNs to see what I mean about knitting on the outside of the square.

You're probably doing the knit sts on the inside, so you can just flip the tube inside out and they'll be on the outside. Then hold the tube so the working yarn and needles are closer to you with the other needles further away.